FxWirePro: AUD/USD marginally lower on disappointing retail sales data, bearish USD sentiment to limit downside

AUD/USD chart - Trading View 

AUD/USD was trading 0.13% lower on the day at 0.7426 at around 04:00 GMT, bias remains bullish.

The pair paused a 3-day winning streak after Australia Retail Sales data disappointed market expectations.

Data released earlier today showed Australia's consumer spending rose 1.4% month-on-month in October, missing the preliminary estimate and the previous month's increase of 1.6%.

The major saw minor weakness post data as weakness in the U.S. dollar seems to be offering support.

The greenback on the back foot amid expectations for swift global economic recovery on rising vaccine and renewed fiscal stimulus hopes.

Technical bias for the pair remains bullish. Pullbacks are likely to be shallow. Scope for test of 78.6% Fib at 0.7573.

5-DMA is immediate support at 0.7397 ahead of 21-EMA at 0.7324. Bullish invalidation only below 200W MA.